Markets Today
Kent Beadle, Paradigm Futures, says grain markets breathed a sigh of relief there are no immediate Chinese tariffs being imposed by the Trump Administration, that sent the U.S. dollar index sharply lower which is also supportive.
Tommy Grisafi with Nesvick Trading Group says corn closed above technical resistance of $4.80 despite the uncertainty of South American weather and tariffs under a new administration.
Scott Varilek, Kooima Kooima Varilek, says cattle are down a second day despite more record cash trade. However, the row crop futures are trying to recover on strong China economic news.
Don Roose, U.S. Commodities says corn saw some fund buying on tight supplies and with help from concerns about Argentina weather. However, soybeans couldn’t follow, pulled down by meal.
Mike Zuzulo, Global Commodity Analytics, says corn and soybeans are watching South American weather with hot dry conditions mainly in Argentina and Southern Brazil but some rain in the weekend forecast.
DuWayne Bosse with Bolt Marketing says corn and soybeans saw profit taking after stretching to new highs for the move as the markets were overbought.
Tomm Pfitzenmaier, Summit Commodity Brokerage, says corn and soybeans continued to see gains from strong technical closes on Friday and extending the report rally.
Shawn Hackett with Hackett Financial Advisors says it will be tough for corn to run to $5 because report just confirmed what the market already knew.
USDA lowered corn yield a whopping 3.8 bu. and soybeans 1 bu. which led to lower production and ending stocks.
Scott Varilek of Kooima Kooima Varilek says the cattle futures are digesting another week of record cash trade at $320 dressed, up $5 and the South traded some $200 live, up $4.
Grains are firmer ahead of USDA reports and 45Z guidance.
Grains are firmer ahead of USDA reports and 45Z guidance.